Business: The Beginnings of Black Capitalism

In the ghettos, as in the suburbs, live many men whose dreams of
independence and achievement cannot be satisfied by working for someone
else. They are not inspired by the Nixon Administration's slogan of
"black capitalism," which they dismiss as smooth honky talk. To them,
the words stand for a plethora of unimaginative federal programs that
have been long on promises and red tape, short on loans and
management-training programs that would help to create real wealth in
the hands of Negroes.

Some blacks have built big enterprises, mostly in banking, insurance and
cosmetics. Still, Negroes own only about 2.5% of the...